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On June 8, Williams Company issued an $82,039, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note
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On June 8, Williams Company issued an $82,039, 7%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note

User Arkmetal
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1 Answer

7 votes

Answer:

$83,953

Step-by-step explanation:

Calculation to determine the maturity value of the note

Maturity value=$82,039+($82,039*0.07*120/360)

Maturity value=$82,039+$1,914

Maturity value=$83,953

Therefore the maturity value of the note is $83,953

User Ali Khosro
by
4.5k points
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